hunnypuppy
Junior Member
I'm looking for a tax professional who can help me file my taxes for my part time business.
Meanwhile, I need a quick input on estimated taxes vs W4 witholdings. I started a software product development business last year (no registered yet). The revenue has been growing this year steadily. So far I've adjusted my W4 withholding (until June) to compensate for the increased revenue from the business. I stopped that in June, i.e. no additional witholding to compensate for the additional income from the software business.
Should I file estimated taxes for June-Aug now and use that for my returns (will it lead to additional paperwork/issues because i didn't file earlier in 2014) or should I just readjust my W4 withholdings from now through the end of the year to compensate for the additional income from June to Dec? If so would there be any penalties? (my current projected witholdings would be > 110% of my last years taxes)
any suggestions on the pro's/con's of the approach?
My wife and I are both working we usually file separately.
Meanwhile, I need a quick input on estimated taxes vs W4 witholdings. I started a software product development business last year (no registered yet). The revenue has been growing this year steadily. So far I've adjusted my W4 withholding (until June) to compensate for the increased revenue from the business. I stopped that in June, i.e. no additional witholding to compensate for the additional income from the software business.
Should I file estimated taxes for June-Aug now and use that for my returns (will it lead to additional paperwork/issues because i didn't file earlier in 2014) or should I just readjust my W4 withholdings from now through the end of the year to compensate for the additional income from June to Dec? If so would there be any penalties? (my current projected witholdings would be > 110% of my last years taxes)
any suggestions on the pro's/con's of the approach?
My wife and I are both working we usually file separately.